Change - Change In Corporate Information :: Incorporation Of Wholly-Owned Subsidiary

(Constituted in the Republic of Singapore pursuant to a trust deed dated 19 October 2006 (as amended))

Bowsprit Capital Corporation Limited, in its capacity as manager of First Real Estate Investment Trust ("First REIT", and as manager of First REIT, the "Manager"), wishes to announce that it has incorporated a wholly-owned subsidiary in Indonesia named PT Buton Bangun Cipta ("PT BBC"), with an initial share capital of Rp.56,000,000,000. SHButon Investment I Pte. Ltd. (a wholly-owned subsidiary of First REIT) and SHButon Investment II Pte. Ltd. (a wholly-owned subsidiary of SHButon Investment I Pte. Ltd.) respectively own 75% and 25% of the initial share capital of PT BBC.

The incorporation of PT BBC is funded by internal resources and is not expected to have any material impact on the consolidated net tangible assets and distributions per unit of First REIT for the financial year ending 31 December 2017.

None of the directors of the Manager or substantial unitholders of First REIT has any interest, direct or indirect, in the above matter.

By Order of the Board

Tan Kok Mian Victor

Executive Director and Acting Chief Executive Officer Bowsprit Capital Corporation Limited

(Company Registration No: 200607070D)

As Manager of First Real Estate Investment Trust 22 June 2017

The value of units in First REIT ("Units") and the income derived from them may fall as well as rise. The Units are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request the Manager to redeem their Units while the Units are listed. It is intended that Unitholders may only deal in their Units through trading on Singapore Exchange Securities Trading Limited ("SGX-ST"). Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units.

This announcement is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Units. The past performance of First REIT is not necessarily indicative of the future performance of First REIT.

This announcement may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of property rental income, changes in operating expenses (including employee wages, benefits and training costs), property expenses and governmental and public policy changes. Investors are cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager's view of future events.